Jamie Dimon isn’t signing a big cheque for nothing.
The New York Post reports that after JPMorgan agreed to a record $13bn settlement to end a number of civil probes into its sale of mortgage securities, an ongoing criminal investigation is likely to wind down without charges against the bank or its top executives, according to sources close to the talks.
The bank agreed to the tentative pact over the weekend even though the Justice Department refused to drop a criminal inquiry into the bank’s sale of mortgage-backed securities leading up to the crisis, which is being handled by federal prosecutors in California.
Despite the lack of assurances, JPMorgan’s legal team, led by Stephen Cutler, has concluded that the more serious criminal probe is heading into the final stages without turning up any evidence that would lead to charges against senior executives or the firm.
The belief is that any charges, if any, would be tied to lower level employees, according to sources.
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image: © Steve Jurvetson